The Treasury Department will report a $905 billion deficit for the first three quarters of fiscal 2012, off $66 billion from the same period a year ago, with a $60 billion deficit for June, compared to a $43 billion deficit for June 2011, according to Congressional Budget Office estimates released Monday.
Outlays were up 1% compared to 2011, while revenues rose 5%.
"Those results include adjustments to the estimated cost of the Troubled Asset Relief Program that increased outlays in 2012 by $21 billion and decreased outlays in 2011 by $42 billion," according to the CBO release. "Without those adjustments, the deficit for the first nine months of fiscal year 2012 would have been around $130 billion less than the deficit incurred during the same period in fiscal year 2011."
